Nomura (NMR) 6-K Current report (foreign)

FORM 6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 1-15270

For the month of February 2022

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

13-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F      X             Form 40-F              

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):             

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):             

Information furnished on this form:

EXHIBIT

Exhibit Number
1.	Financial Summary – Nine months ended December 31, 2021.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	NOMURA HOLDINGS, INC.
Date: February 1, 2022	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director

Financial Summary For the Nine Months Ended December 31, 2021 (U.S. GAAP)

Date:	February 1, 2022
Company name (code number):	Nomura Holdings, Inc. (8604)
Stock exchange listings:	(In Japan) Tokyo, Nagoya (Overseas) New York, Singapore
Representative:	Kentaro Okuda President and Group CEO, Nomura Holdings, Inc.
For inquiries:	Junko Tago Executive Director, Head of Investor Relations, Nomura Holdings, Inc. Tel: (Country Code 81) 3-5255-1000 URL: https://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results

	(Rounded to nearest million)
	For the nine months ended December 31
	2020						2021
	(Millions of yen, except per share data)
				% Change from December 31, 2019						% Change from December 31, 2020
Total revenue		1,389,263			(12.2	%)		1,188,133			(14.5	%)
Net revenue		1,231,837			17.3	%		1,023,106			(16.9	%)
Income before income taxes		396,771			45.3	%		177,100			(55.4	%)
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		308,524			22.7	%		112,033			(63.7	%)
Comprehensive income		206,893			(9.0	%)		174,521			(15.6	%)
Basic-Net income attributable to NHI shareholders per share (Yen)		101.03						36.40
Diluted-Net income attributable to NHI shareholders per share (Yen)		98.30						35.33
Return on shareholders’ equity - annualized		15.1	%					5.4	%

Note: Return on shareholders’ equity is a ratio of Net income attributable to NHI shareholders to Total NHI shareholders’ equity.

(2) Financial Position

	At March 31			At December 31
	2021			2021
	(Millions of yen, except per share data)
Total assets		42,516,480			45,215,357
Total equity		2,756,451			2,879,215
Total NHI shareholders’ equity		2,694,938			2,807,880
Total NHI shareholders’ equity as a percentage of total assets		6.3	%		6.2	%
Total NHI shareholders’ equity per share (Yen)		879.79			931.06

2. Cash Dividends

	For the year ended March 31
	2021		2022		2022 (Plan)
	(Yen amounts)
Dividends per share
Dividends record dates
At June 30		—		—		—
At September 30		20.00		8.00		—
At December 31		—		—		—
At March 31		15.00		—		Unconfirmed
For the year		35.00		—		Unconfirmed

Note: Fiscal year 2022 Q4 dividend forecast is not presented per reasons stated in “3. Earnings Forecasts for the year ending March 31, 2022.”

3. Earnings Forecasts for the year ending March 31, 2022

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings forecasts.

Notes

(1) Changes in significant subsidiaries during the period: None

      (Changes in Specified Subsidiaries accompanying changes in scope of consolidation)

(2) Adoption of the simplified and particular accounting treatments: None

(3) Changes in accounting policies

     a)     Changes in accounting policies due to amendments to the accounting standards: None

     b)     Changes in accounting policies due to other than a): None

(4) Number of shares issued (common stock)

	At March 31		At December 31
	2021		2021
Number of shares outstanding (including treasury stock)		3,233,562,601		3,233,562,601
Number of treasury stock		170,407,167		217,785,158
	For the nine months ended December 31
	2020		2021
Average number of shares outstanding (year-to-date)		3,053,730,446		3,077,505,526

*This financial summary is not subject to certified public accountant’s or audit firm’s quarterly review.

Table of Contents for the Accompanying Materials

1.      Qualitative Information of the Quarterly Consolidated Results	P. 2
(1)     Consolidated Operating Results	P. 2
(2)     Consolidated Financial Position	P. 4
(3)     Consolidated Earnings Forecasts	P. 4
(4)      Risks related to the COVID-19 pandemic	P. 4
2.      Quarterly Consolidated Financial Statements	P. 5
(1)     Consolidated Balance Sheets	P. 6
(2)     Consolidated Statements of Income	P. 8
(3)     Consolidated Statements of Comprehensive Income	P. 9
(4)     Note with respect to the Assumption as a Going Concern	P. 9
(5)     Segment Information – Operating Segment	P.10
(6)     Significant Changes in Equity	P.11
3.     Supplementary Information	P.12
(1)     Consolidated Statements of Income – Quarterly Comparatives	P.12
(2)     Business Segment Information – Quarterly Comparatives	P.13
(3)     Other	P.14

– 1 –

1. Qualitative Information of the Quarterly Consolidated Results

(1) Consolidated Operating Results

    U.S. GAAP

	Billions of yen						% Change
	For the nine months ended						(B-A)/(A)
	December 31,   2020 (A)			December 31,   2021 (B)
Net revenue		1,231.8			1,023.1			(16.9	)
Non-interest expenses		835.1			846.0			1.3
Income (loss) before income taxes		396.8			177.1			(55.4	)
Income tax expense		83.1			60.0			(27.8	)
Net income (loss)		313.6			117.1			(62.7	)
Less: Net income (loss) attributable to noncontrolling interests		5.1			5.1			(1.2	)
Net income (loss) attributable to NHI shareholders		308.5			112.0			(63.7	)
Return on shareholders’ equity - annualized		15.1	%		5.4	%		—

Note: Return on shareholders’ equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders’ equity.

Nomura Holdings, Inc. and its consolidated entities (collectively, “Nomura”) reported net revenue of 1,023.1 billion yen for the nine months ended December 31, 2021, a decrease of 16.9% from the same period in the prior year. Non-interest expenses increased by 1.3% from the same period in the prior year to 846.0 billion yen. Income before income taxes was 177.1 billion yen and net income attributable to NHI shareholders was 112.0 billion yen for the nine months ended December 31, 2021. Nomura recognized losses of 65.4 billion yen arising from transactions with a US client at its subsidiaries.

    Segment Information

	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31,   2020 (A)		December 31,   2021 (B)
Net revenue		1,224.9		1,018.6		(16.8	)
Non-interest expenses		835.1		846.0		1.3
Income (loss) before income taxes		389.9		172.6		(55.7	)

In the above segment information totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the nine months ended December 31, 2021 was 1,018.6 billion yen, a decrease of 16.8% from the same period in the prior year. Non-interest expenses increased by 1.3% from the same period in the prior year to 846.0 billion yen. Income before income taxes was 172.6 billion yen for the nine months ended December 31, 2021. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

<Business Segment Results>

On April 1, 2021, the Investment Management Division was newly established by replacing the Asset Management Division and the Merchant Banking Division. As a result, the prior period amounts have been reclassified to conform to the current year presentation.

    Operating Results of Retail

	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31,   2020 (A)		December 31,   2021 (B)
Net revenue		272.0		257.5		(5.3	)
Non-interest expenses		205.8		203.5		(1.1	)
Income (loss) before income taxes		66.2		54.0		(18.4	)

Net revenue decreased by 5.3% from the same period in the prior year to 257.5 billion yen. Non-interest expense decreased by 1.1% to 203.5 billion yen. As a result, income before income taxes decreased by 18.4% to 54.0 billion yen.

    Operating Results of Investment Management

	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31,   2020 (A)		December 31,   2021 (B)
Net revenue		109.1		137.9		26.4
Non-interest expenses		53.4		57.6		8.0
Income (loss) before income taxes		55.8		80.3		44.0

Net revenue increased by 26.4% from the same period in the prior year to 137.9 billion yen. Non-interest expense increased by 8.0% to 57.6 billion yen. As a result, income before income taxes increased by 44.0% to 80.3 billion yen. Assets under management were 68.5 trillion yen as of December 31, 2021.

    Operating Results of Wholesale

	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31,   2020 (A)		December 31,   2021 (B)
Net revenue		692.1		508.2		(26.6	)
Non-interest expenses		461.9		470.7		1.9
Income (loss) before income taxes		230.2		37.4		(83.7	)

Net revenue decreased by 26.6% from the same period in the prior year to 508.2 billion yen. Non-interest expense increased by 1.9% to 470.7 billion yen. As a result, income before income taxes was 37.4 billion yen. Nomura recognized losses arising from transactions with a US client at its subsidiaries.

– 3 –

    Other Operating Results

	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31,   2020 (A)		December 31,   2021 (B)
Net revenue		151.7		115.0		(24.2	)
Non-interest expenses		114.0		114.2		0.2
Income (loss) before income taxes		37.7		0.9		(97.7	)

Net revenue was 115.0 billion yen including income of 36.2 billion yen recognized in June 2021 from the sale of a part of our shares held in Nomura Research Institute, Ltd. Income before income taxes was 0.9 billion yen, as a result of recognizing expenses of about 40 billion yen related to legacy transactions.

(2) Consolidated Financial Position

Total assets as of December 31, 2021 were 45,215.4 billion yen, an increase of 2,698.9 billion yen compared to March 31, 2021, mainly due to the increase in Securities purchased under agreements to resell and Trading assets. Total liabilities as of December 31, 2021 were 42,336.1 billion yen, an increase of 2,576.1 billion yen compared to March 31, 2021, mainly due to the increase in Securities sold under agreements to repurchase and Trading liabilities. Total equity as of December 31, 2021 was 2,879.2 billion yen, an increase of 122.8 billion yen compared to March 31, 2021.

(3) Consolidated Earnings Forecasts

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings and dividend forecasts.

(4) Risks related to the COVID-19 pandemic

The COVID-19 pandemic has affected Nomura’s business, and this may continue in the future.

Various risks recognized related to the COVID-19 pandemic is disclosed in Risk Factors in Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 25, 2021) and Item 3. D. Risk Factors. in Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 25, 2021) for the year ended March 31, 2021.

– 4 –

2. Quarterly Consolidated Financial Statements

The quarterly consolidated financial information herein has been prepared in accordance with Nomura’s accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 25, 2021) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 25, 2021) for the year ended March 31, 2021.

– 5 –

(1) Consolidated Balance Sheets

	Millions of yen
	March 31, 2021			December 31, 2021			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		3,509,754			3,267,421			(242,333	)
Time deposits		281,422			340,964			59,542
Deposits with stock exchanges and other segregated cash		373,559			305,972			(67,587	)
Total cash and cash deposits		4,164,735			3,914,357			(250,378	)
Loans and receivables:
Loans receivable		2,943,472			3,366,953			423,481
Receivables from customers		459,090			359,549			(99,541	)
Receivables from other than customers		793,669			909,452			115,783
Allowance for doubtful accounts		(53,784	)		(63,708	)		(9,924	)
Total loans and receivables		4,142,447			4,572,246			429,799
Collateralized agreements:
Securities purchased under agreements to resell		10,775,078			12,821,528			2,046,450
Securities borrowed		5,264,360			5,018,574			(245,786	)
Total collateralized agreements		16,039,438			17,840,102			1,800,664
Trading assets and private equity and debt investments:
Trading assets*		15,674,354			16,646,590			972,236
Private equity and debt investments*		63,825			88,373			24,548
Total trading assets and private equity and debt investments		15,738,179			16,734,963			996,784
Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥395,429 million as of March 31, 2021 and ¥415,715 million as of December 31, 2021)		464,449			433,678			(30,771	)
Non-trading debt securities*		426,758			474,150			47,392
Investments in equity securities*		126,649			131,283			4,634
Investments in and advances to affiliated companies*		364,393			360,610			(3,783	)
Other		1,049,432			753,968			(295,464	)
Total other assets		2,431,681			2,153,689			(277,992	)
Total assets		42,516,480			45,215,357			2,698,877

^*  Including securities pledged as collateral

– 6 –

			Millions of yen
			March 31, 2021			December 31, 2021			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,368,098			1,042,810			(325,288	)
Payables and deposits:
Payables to customers				1,454,755			1,425,775			(28,980	)
Payables to other than customers				1,773,699			1,850,767			77,068
Deposits received at banks				1,342,464			1,632,754			290,290
Total payables and deposits				4,570,918			4,909,296			338,378
Collateralized financing:
Securities sold under agreements to repurchase				13,360,429			14,643,767			1,283,338
Securities loaned				1,380,629			1,412,861			32,232
Other secured borrowings				392,515			419,247			26,732
Total collateralized financing				15,133,573			16,475,875			1,342,302
Trading liabilities				9,473,261			10,079,761			606,500
Other liabilities				1,239,167			915,040			(324,127	)
Long-term borrowings				7,975,012			8,913,360			938,348
Total liabilities				39,760,029			42,336,142			2,576,113
Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,233,562,601 shares as of March 31, 2021 and
		3,233,562,601 shares as of December 31, 2021
Outstanding	-	3,063,155,434 shares as of March 31, 2021 and
		3,015,777,443 shares as of December 31, 2021		594,493			594,493			—
Additional paid-in capital				696,122			690,759			(5,363	)
Retained earnings				1,533,713			1,618,317			84,604
Accumulated other comprehensive income (loss)				(38,144	)		17,739			55,883
Total NHI shareholders’ equity before treasury stock				2,786,184			2,921,308			135,124
Common stock held in treasury, at cost -
170,407,167 shares as of March 31, 2021 and
217,785,158 shares as of December 31, 2021				(91,246	)		(113,428	)		(22,182	)
Total NHI shareholders’ equity				2,694,938			2,807,880			112,942
Noncontrolling interests				61,513			71,335			9,822
Total equity				2,756,451			2,879,215			122,764
Total liabilities and equity				42,516,480			45,215,357			2,698,877

– 7 –

(2) Consolidated Statements of Income

	Millions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31, 2020(A)		December 31, 2021(B)
Revenue:
Commissions		274,452		257,095		(6.3	)
Fees from investment banking		73,997		115,624		56.3
Asset management and portfolio service fees		169,712		201,128		18.5
Net gain on trading		406,954		249,942		(38.6	)
Gain on private equity and debt investments		4,237		31,082		633.6
Interest and dividends		278,639		217,097		(22.1	)
Gain on investments in equity securities		8,936		2,964		(66.8	)
Other		172,336		113,201		(34.3	)
Total revenue		1,389,263		1,188,133		(14.5	)
Interest expense		157,426		165,027		4.8
Net revenue		1,231,837		1,023,106		(16.9	)
Non-interest expenses:
Compensation and benefits		412,119		403,883		(2.0	)
Commissions and floor brokerage		82,512		78,343		(5.1	)
Information processing and communications		129,306		135,831		5.0
Occupancy and related depreciation		54,223		52,069		(4.0	)
Business development expenses		9,852		11,596		17.7
Other		147,054		164,284		11.7
Total non-interest expenses		835,066		846,006		1.3
Income before income taxes		396,771		177,100		(55.4	)
Income tax expense		83,127		60,006		(27.8	)
Net income		313,644		117,094		(62.7	)
Less: Net income attributable to noncontrolling interests		5,120		5,061		(1.2	)
Net income attributable to NHI shareholders		308,524		112,033		(63.7	)
	Yen				% Change
Per share of common stock:
Basic-
Net income attributable to NHI shareholders per share		101.03		36.40		(64.0	)
Diluted-
Net income attributable to NHI shareholders per share		98.30		35.33		(64.1	)

– 8 –

(3) Consolidated Statements of Comprehensive Income

	Millions of yen						% Change
	For the nine months ended						(B-A)/(A)
	December 31, 2020(A)			December 31, 2021(B)
Net income		313,644			117,094			(62.7	)
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		(33,700	)		45,935			—
Deferred income taxes		76			(477	)		—
Total		(33,624	)		45,458			—
Defined benefit pension plans:
Pension liability adjustment		4,911			1,493			(69.6	)
Deferred income taxes		(658	)		(421	)		—
Total		4,253			1,072			(74.8	)
Own Credit Adjustments:
Own Credit Adjustments		(92,912	)		15,608			—
Deferred income taxes		15,532			(4,711	)		—
Total		(77,380	)		10,897			—
Total other comprehensive income (loss)		(106,751	)		57,427			—
Comprehensive income		206,893			174,521			(15.6	)
Less: Comprehensive income attributable to noncontrolling interests		4,944			6,605			33.6
Comprehensive income attributable to NHI shareholders		201,949			167,916			(16.9	)

(4) Note with respect to the Assumption as a Going Concern

Not applicable.

– 9 –

(5) Segment Information – Operating Segment

The following table shows business segment information and reconciliation items to the consolidated statements of income.

	Millions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31, 2020 (A)		December 31, 2021 (B)
Net revenue
Business segment information:
Retail		272,028		257,528		(5.3	)
Investment Management		109,122		137,919		26.4
Wholesale		692,113		508,155		(26.6	)
Subtotal		1,073,263		903,602		(15.8	)
Other		151,673		115,036		(24.2	)
Net revenue		1,224,936		1,018,638		(16.8	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		6,901		4,468		(35.3	)
Net revenue		1,231,837		1,023,106		(16.9	)
Non-interest expenses
Business segment information:
Retail		205,819		203,487		(1.1	)
Investment Management		53,357		57,626		8.0
Wholesale		461,896		470,709		1.9
Subtotal		721,072		731,822		1.5
Other		113,994		114,184		0.2
Non-interest expenses		835,066		846,006		1.3
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—		—		—
Non-interest expenses		835,066		846,006		1.3
Income (loss) before income taxes
Business segment information:
Retail		66,209		54,041		(18.4	)
Investment Management		55,765		80,293		44.0
Wholesale		230,217		37,446		(83.7	)
Subtotal		352,191		171,780		(51.2	)
Other*		37,679		852		(97.7	)
Income (loss) before income taxes		389,870		172,632		(55.7	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		6,901		4,468		(35.3	)
Income (loss) before income taxes		396,771		177,100		(55.4	)

*Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other.”

The following table presents the major components of income (loss) before income taxes in “Other.”

	Millions of yen						% Change
	For the nine months ended						(B-A)/(A)
	December 31, 2020 (A)			December 31, 2021 (B)
Net gain (loss) related to economic hedging transactions		2,014			(1,509	)		—
Realized gain (loss) on investments in equity securities held for operating purposes		1,553			215			(86.2	)
Equity in earnings of affiliates		22,258			20,554			(7.7	)
Corporate items		14,035			(56,645	)		—
Other		(2,181	)		38,237			—
Total		37,679			852			(97.7	)

Note: Prior period amounts have been reclassified to conform to the current year presentation.

– 10 –

(6) Significant Changes in Equity

Not applicable. For further details of the changes, please refer below.

	Millions of yen
	For the nine months ended December 31, 2021
Common stock
Balance at beginning of year		594,493
Balance at end of period		594,493
Additional paid-in capital
Balance at beginning of year		696,122
Stock-based compensation awards		(5,345	)
Changes in an affiliated company’s interests		(18	)
Balance at end of period		690,759
Retained earnings
Balance at beginning of year		1,533,713
Net income attributable to NHI shareholders		112,033
Cash dividends		(24,758	)
Gain (loss) on sales of treasury stock		(2,671	)
Balance at end of period		1,618,317
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		18,316
Net change during the period		43,914
Balance at end of period		62,230
Defined benefit pension plans
Balance at beginning of year		(43,477	)
Pension liability adjustment		1,072
Balance at end of period		(42,405	)
Own credit adjustments
Balance at beginning of year		(12,983	)
Own credit adjustments		10,897
Balance at end of period		(2,086	)
Balance at end of period		17,739
Common stock held in treasury
Balance at beginning of year		(91,246	)
Repurchases of common stock		(39,648	)
Sale of common stock		0
Common stock issued to employees		17,466
Balance at end of period		(113,428	)
Total NHI shareholders’ equity
Balance at end of period		2,807,880
Noncontrolling interests
Balance at beginning of year		61,513
Net change during the period		9,822
Balance at end of period		71,335
Total equity
Balance at end of period		2,879,215

– 11 –

3. Supplementary Information

(1) Consolidated Statements of Income – Quarterly Comparatives

	Millions of yen																% Change			Millions of yen
	For the three months ended																			For the year ended March 31, 2021
	June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021			June 30, 2021		September 30, 2021(A)		December 31, 2021(B)			(B-A)/(A)
Revenue:
Commissions		85,512		92,253		96,687		102,445			82,886		91,636		82,573			(9.9	)		376,897
Fees from investment banking		10,828		27,031		36,138		34,684			35,703		33,901		46,020			35.7			108,681
Asset management and portfolio service fees		53,656		57,417		58,639		60,335			64,044		67,193		69,891			4.0			230,047
Net gain (loss) on trading		139,089		131,463		136,402		(96,914	)		51,994		91,142		106,806			17.2			310,040
Gain on private equity and debt investments		1,070		1,805		1,362		8,497			25,988		475		4,619			872.4			12,734
Interest and dividends		106,543		82,494		89,602		77,827			64,536		69,925		82,636			18.2			356,466
Gain (loss) on investments in equity securities		3,473		1,940		3,523		5,117			3,468		2,082		(2,586	)		—			14,053
Other		113,878		24,939		33,519		35,981			76,553		22,855		13,793			(39.6	)		208,317
Total revenue		514,049		419,342		455,872		227,972			405,172		379,209		403,752			6.5			1,617,235
Interest expense		53,302		50,344		53,780		57,937			51,897		60,343		52,787			(12.5	)		215,363
Net revenue		460,747		368,998		402,092		170,035			353,275		318,866		350,965			10.1			1,401,872
Non-interest expenses:
Compensation and benefits		138,297		137,006		136,816		95,787			135,603		129,245		139,035			7.6			507,906
Commissions and floor brokerage		28,511		27,675		26,326		29,038			26,816		27,397		24,130			(11.9	)		111,550
Information processing and communications		43,238		42,584		43,484		49,529			44,099		45,136		46,596			3.2			178,835
Occupancy and related depreciation		17,058		19,056		18,109		18,144			16,716		17,846		17,507			(1.9	)		72,367
Business development expenses		2,832		3,632		3,388		3,668			3,294		3,902		4,400			12.8			13,520
Other		49,000		55,418		42,636		139,969			48,214		76,873		39,197			(49.0	)		287,023
Total non-interest expenses		278,936		285,371		270,759		336,135			274,742		300,399		270,865			(9.8	)		1,171,201
Income (loss) before income taxes		181,811		83,627		131,333		(166,100	)		78,533		18,467		80,100			333.7			230,671
Income tax expense		37,513		14,704		30,910		(12,853	)		28,540		12,984		18,482			42.3			70,274
Net income (loss)		144,298		68,923		100,423		(153,247	)		49,993		5,483		61,618			—			160,397
Less: Net income attributable to noncontrolling interests		1,782		1,281		2,057		2,161			1,506		2,270		1,285			(43.4	)		7,281
Net income (loss) attributable to NHI shareholders		142,516		67,642		98,366		(155,408	)		48,487		3,213		60,333			—			153,116
	Yen																% Change			Yen
Per share of common stock:
Basic-
Net income (loss) attributable to NHI shareholders per share		46.77		22.13		32.16		(50.77	)		16.12		1.04		19.66			—			50.11
Diluted-
Net income (loss) attributable to NHI shareholders per share		45.65		21.52		31.16		(50.78	)		15.59		1.01		19.07			—			48.63

– 12 –

(2) Business Segment Information – Quarterly Comparatives

The following table shows quarterly business segment information and reconciliation items to the consolidated statements of income.

	Millions of yen																			% Change			Millions of yen
	For the three months ended																						For the year ended March 31, 2021
	June 30, 2020		September 30, 2020			December 31, 2020		March 31, 2021			June 30, 2021			September 30, 2021(A)			December 31, 2021(B)			(B-A)/(A)
Net revenue
Business segment information:
Retail		81,078		92,795			98,155		96,781			84,986			85,191			87,351			2.5			368,809
Investment Management		39,674		30,068			39,380		54,028			63,482			34,329			40,108			16.8			163,150
Wholesale		248,669		220,305			223,139		(757	)		132,777			172,669			202,709			17.4			691,356
Subtotal		369,421		343,168			360,674		150,052			281,245			292,189			330,168			13.0			1,223,315
Other		89,023		23,876			38,774		15,339			68,659			24,809			21,568			(13.1	)		167,012
Net revenue		458,444		367,044			399,448		165,391			349,904			316,998			351,736			11.0			1,390,327
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		2,303		1,954			2,644		4,644			3,371			1,868			(771	)		—			11,545
Net revenue		460,747		368,998			402,092		170,035			353,275			318,866			350,965			10.1			1,401,872
Non-interest expenses
Business segment information:
Retail		66,009		69,970			69,840		70,661			65,964			68,207			69,316			1.6			276,480
Investment Management		17,503		18,018			17,836		18,785			18,569			19,300			19,757			2.4			72,142
Wholesale		160,800		154,828			146,268		165,155			161,134			147,700			161,875			9.6			627,051
Subtotal		244,312		242,816			233,944		254,601			245,667			235,207			250,948			6.7			975,673
Other		34,624		42,555			36,815		81,534			29,075			65,192			19,917			(69.4	)		195,528
Non-interest expenses		278,936		285,371			270,759		336,135			274,742			300,399			270,865			(9.8	)		1,171,201
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—		—			—		—			—			—			—			—			—
Non-interest expenses		278,936		285,371			270,759		336,135			274,742			300,399			270,865			(9.8	)		1,171,201
Income (loss) before income taxes
Business segment information:
Retail		15,069		22,825			28,315		26,120			19,022			16,984			18,035			6.2			92,329
Investment Management		22,171		12,050			21,544		35,243			44,913			15,029			20,351			35.4			91,008
Wholesale		87,869		65,477			76,871		(165,912	)		(28,357	)		24,969			40,834			63.5			64,305
Subtotal		125,109		100,352			126,730		(104,549	)		35,578			56,982			79,220			39.0			247,642
Other*		54,399		(18,679	)		1,959		(66,195	)		39,584			(40,383	)		1,651			—			(28,516	)
Income (loss) before income taxes		179,508		81,673			128,689		(170,744	)		75,162			16,599			80,871			387.2			219,126
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		2,303		1,954			2,644		4,644			3,371			1,868			(771	)		—	��		11,545
Income (loss) before income taxes		181,811		83,627			131,333		(166,100	)		78,533			18,467			80,100			333.7			230,671

* Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other.”

The following table presents the major components of income (loss) before income taxes in “Other.”

	Millions of yen																					% Change			Millions of yen
	For the three months ended																								For the year ended
	June 30, 2020			September 30, 2020			December 31, 2020			March 31, 2021			June 30, 2021			September 30, 2021(A)			December 31, 2021(B)			(B-A)/(A)			March 31, 2021
Net gain (loss) related to economic hedging transactions		5,577			(4,965	)		1,402			(13,464	)		3,444			(3,825	)		(1,128	)		—			(11,450	)
Realized gain (loss) on investments in equity securities held for operating purposes		685			124			744			178			173			23			19			(17.4	)		1,731
Equity in earnings of affiliates		6,609			5,251			10,398			(38,668	)		9,617			5,571			5,366			(3.7	)		(16,410	)
Corporate items		45,090			(16,005	)		(15,050	)		(9,079	)		(9,272	)		(45,566	)		(1,807	)		—			4,956
Other		(3,562	)		(3,084	)		4,465			(5,162	)		35,622			3,414			(799	)		—			(7,343	)
Total		54,399			(18,679	)		1,959			(66,195	)		39,584			(40,383	)		1,651			—			(28,516	)

Note: Prior period amounts have been reclassified to conform to the current year presentation.

– 13 –

(3) Other

Quarterly financial information for Nomura Securities Co., Ltd. can be found at the following URL.

https://www.nomuraholdings.com/company/group/nsc/pdf/2022_3q.pdf

– 14 –